URSA FUND MANAGEMENT, LLC

Ursa serves as the investment manager for various Funds, aiming to generate superior risk-adjusted returns through investments in the corporate action and event-driven space. They achieve this by employing proprietary scanning methods of corporate filings, extensive research and analysis to identify attractive investment opportunities. The Funds primarily invest in publicly-traded equity securities and derivatives, but may also invest in other instruments deemed appropriate and in the best interests of the Fund. Ursa may also utilize an "interest rate arbitrage" strategy, which involves collecting a higher implied interest rate through a combined stock versus options structure than the debt financing rate paid to clearing firms. This strategy is facilitated by factors such as pricing or appraisal services, discussions with research personnel, special execution capabilities, and the availability of stocks to borrow for short trades.

The Ursa Fund utilizes a proprietary scanning method of corporate filings along with extensive research and analysis to identify attractive investment opportunities. Once an opportunity is identified, Ursa follows news flow and corporate filings to determine an attractive entry point. They then express their views by initiating a stock, options, or combined stock and options position. Ursa employs a discerning and patient approach, only trading in opportunities with favorable risk-reward characteristics. The Ursa Fund also offers "Opportunistic Investments," which allow investors to increase their exposure to the Fund's best Big Event investments at their discretion. These investments are only offered when the Fund has additional investment capacity beyond its general account. The specific instruments and strategies of each Opportunistic Investment are outlined in a separate addendum.

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